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NCUA Loses Some on CDRLF Funding, CLF Authority Holds Steady

WASHINGTON-NCUA's Community Development Revolving Loan Fund lost a little ground in appropriations negotiations for fiscal year 2005, but the Central Liquidity Facility's borrowing authority remains the same. Last year, NCUA was able to obtain $1.2 million for the CDRLF for 2004, the most ever. However, both the House and Senate...

By Staff Writer | Updated on October 05, 2004

WASHINGTON-NCUA’s Community Development Revolving Loan Fund lost a little ground in appropriations negotiations for fiscal year 2005, but the Central Liquidity Facility’s borrowing authority remains the same. Last year, NCUA was able to obtain $1.2 million for the CDRLF for 2004, the most ever. However, both the House and Senate Appropriations Committees have passed Veterans Affairs, Housing and Urban Development, and Independent Agencies appropriations allotting $1 million for FY 2005. “That’s going to be where it ends up,” NCUA Director of Congressional and Governmental Affairs Cliff Northup stated. “We’re going to get a little less than we got last year.” Historically, the CDRLF has received $1 million in federal government appropriations. The appropriation is divided into $800,000 for technical assistance grants and $200,000 for low-interest loans for community development credit unions, Northup said. The Commerce, Justice, and State appropriations legislation passed in the Senate Appropriations Committees provided funding for the Federal Trade Commission to add staff and funding for a number of items, including enforcing Section 43 of the Federal Deposit Insurance Act, which requires member disclosures from privately insured credit unions. The House committee approved its bill removing the language prohibiting funding of Section 43, but did not provide a specific amount or staffing additions, according to Northup.

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